Veterans, Accounting, and Foreclosure

Are you a veteran of the military?  Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs guaranteed home loan!  These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which President Bush signed into law Oct. 10.

“These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan,” said Dr.

James B. Peake, VA secretary.  “Veterans in financial distress due to high rate subprime mortgages are potentially the greatest beneficiaries.” 

The new law makes changes to VA’s home loan refinancing program.  Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property.  These types of loans were previously limited to 90 percent of the value.

As with every new piece of legislation intended to help people there are always some growing pains.  The fact is, that while this legislation was signed on October 10 and the VA is ready, I don’t know of any lenders actually offering this program.  Oh wait, except for Superior Home Loans!

I recently spoke to one of my “competitors” with a company that lends “country wide” (we’re actually friends) and she said they can’t do this program.  In fact she said, “you ought to be able to do tons of those loans!”  She also added that if she comes across anyone that needs this particular loan, she’ll give them my name.

So if you have VA eligibility (we can easily check if you don’t know) you can refinance, even pull cash out of your home, up to 100% of the value of your home.  With interest rates being very near the lowest they’ve been in 40 years, this is a great opportunity!


The Financial Crisis, my friend Barry Habib (ok so he’s not really my “friend” but I’ve talked to him several times in person!) was on FOX Business again.  He’s talking about “Mark to Market” or FASB 157.  He believes that “Mark to Market” is primarily responsible for the credit crisis we are just coming out of, and can be blamed for the financial crisis as well.  I consider the “financial crisis” and the “credit crisis” to be different (although related) phenomena.  He does a great job explaining it all.  So if you’re interested in understanding more of this financial crisis, please view the video by clicking on his image…


Foreclosure!  Defendant or Investor?  Maybe you’ve heard about it on the Jerry Melvin radio show?  Maybe you’ve seen the ad, but haven’t made a decision to attend?  I will be involved by speaking about the effects of foreclosure or short sale on your credit, and available loan programs for those wishing to invest in foreclosed homes.  Additionally, my friend Mark A. Violette, P.A., and Gordon Fenwick will be speaking.  It’s at the college this coming Thursday night.  To find out more information, please visit and search for upcoming classes.


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